Nifty and Bank Nifty Prediction for Tomorrow 16 Dec 2022
Nifty and Bank Nifty Prediction for Tomorrow 16 Dec 2022: Indian equity benchmarks fell sharply and closed in the deep red amid negative global cues on Thursday. The market sentiment was dented as the US central bank hiked interest rates by 50 bps to its highest level in 15 years and signaled it will maintain higher rates throughout 2023. All the sectoral indices closed in the red today.
The sectors that dragged down the markets were IT, Media, PSU Bank, and Metals. The market breadth was negative today. The broader markets also slipped following their larger peers. At the close, Sensex and Nifty ended lower by 1.40 percent and 1.32 percent respectively. You can read detailed market updates here.
Nifty and Bank Nifty futures price movement for 15 Dec (Dec Expiry)
The Nifty futures price opened at 18705.60 making a negative opening of 43.3 points today. It has touched an intraday high of 18742.40 and a day’s low of 18437.55
The Nifty futures price has given a movement of 304.85 points today. In the end, it closed lower by 303.40 points or 1.62 percent and ended at 18445.50 levels.
The Bank Nifty futures opened at 44050 It made a negative opening of 116.2 points. The Bank Nifty futures touched an intraday high at 44197 and a day’s low at 43482.35
During the day, the Bank Nifty futures have given a movement of 714.65 points. In the end, it closed lower by 662.20 points or 1.50 percent and closed at 43504 levels.
Nifty & Bank Nifty Prediction for Tomorrow 16 Dec 2022 (Dec Expiry)
Nifty Futures Prediction for Tomorrow 16 Dec 2022
Primary Nifty Trend in futures: Negative
Range-Bound Trend of Nifty Futures: All up Moves Initiates Profit Booking (Sale) @ 18500 whereas All Down Moves Initiates Short Covering (Buy) @ 18300
If the Nifty futures (Dec Series) share price Moves Above 18520 and sustains. Then you should Buy with the 1st Target of 18554 during the day with a Stop Loss of 18470 FOR the Target of 18554- 18580- 18618- 18642
If the Nifty futures (Dec Series) share price Moves Below 18404 and is sustained. Then you should Sell with the 1st Target of 18358 for the day with a Stop Loss of 18455. For the Target of 18358- 18324- 18292-18260
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Bank Nifty Futures Prediction for Tomorrow 16 Dec 2022
Primary Trend of Bank Nifty Futures: Negative
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 43600 whereas All Down Moves Initiates Short Covering (Buy) @ 43200
Suppose the Bank Nifty futures (Dec Series) Moves Above 43615 and sustain, then you should Buy with the 1st Target of 43710 during the day with a Stop Loss of 43500 and the Target of 43710- 43800 – 43930- 44020
If the Bank Nifty futures (Dec Series) Moves Below 43370 and sustain, then you should Sell with the 1st Target of 43307 the day with a Stop Loss of 43460. For the Target of 43307- 43225- 43160- 43060
Global Stock Market Updates
On the global front, the other Asian market indexes closed lower on Thursday after the US Fed Chair projected higher interest rates for a longer period. Traders continued to fret that tighter policy will trigger a downturn.
Japan’s Nikkei closed lower after Fed signaled there will be more rate hikes throughout the year 2023. Japan also recorded a trade deficit of 2.03 trillion yen in November, the 16th consecutive monthly deficit led by higher fuel costs. Hang Seng and Shanghai declined as China’s covid woes intensified.
European stock market indexes are trading lower due to hawkish comments from the US Federal Reserve. The expected rate increases from the Bank of England and the European Central Bank also hit investor sentiment. The US future indexes, Dow and Nasdaq futures are trading lower at 5.30 pm IST, indicating a negative opening for the US markets
Conclusion
Indian stock markets fell sharply following the weakness in the global markets. Traders are looking ahead to BoE and ECB interest rate decision, which is due later in the day. Tomorrow Indian markets will open as per global cues. You can also follow our Daily Morning Report at 7.30 am for the market direction.
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